I must work hard to keep this enemy away. I bet you must too.

In case you are wondering what I am referring to, let me quote philosopher Epictetus, “It is impossible for a person to learn what he thinks he already knows.”

His observation has profound implications for all of us. At its core, the quote addresses the human tendency towards overconfidence and the complacency that can stem from it, which is especially pertinent in an industry that thrives on knowledge, continuous learning, and adaptability.

If you believe you already know all there is to know, then you are closed off to learning because your ego – your sworn enemy- has gotten in your way.

This mindset can be a significant disadvantage because the financial landscape is in constant flux, and what worked yesterday may not work tomorrow. Moreover, client needs evolve; strategies that fit one client perfectly may be unsuitable for another. If you aren’t open to learning, you risk offering outdated or one-size-fits-all models. And the reality is the value proposition of the future is radically different the ones many are offering today.

This philosophy from Epictetus suggests that you should adopt a mindset of lifelong learning and more importantly intellectual humility. By acknowledging that you don’t know everything, you become open to new ideas, strategies, and tools that could benefit your clients. It’s about staying curious and being willing to question one’s own knowledge and assumptions.

Moreover, in the context of client interactions, this philosophy can help you listen more effectively. When you believe you have all the answers, you may not truly listen to your clients’ concerns, missing out on important cues and information that could guide personalized advice.

In a broader sense, Epictetus’s quote can serve as a call to action for the industry to foster a culture of continual professional development.

In essence, expanding on Epictetus’s insight, you should see every day as an opportunity to learn something new, to challenge your understanding, and to refine your craft. This approach will not only benefit your clients but also ensure that you remain relevant and effective in a competitive and ever-changing industry.